Estimate Your Home Insurance Costs Using This Calculator

To calculate your home insurance premium, consider where you live and how much coverage you need.

When you buy a house, you must still purchase homeowners insurance. Although it is not your largest expense, the amount you pay for insurance has an effect on your home ownership costs.

According to Insurezio.com 2020 premium study, the national average cost of home insurance is $1,631 per year. However, the amount you pay will vary significantly depending on a number of factors. Here's how to figure out how much your home insurance would cost.

How to Calculate Home Insurance

To get an average in your ZIP code, use the calculator, or follow the steps below to estimate for yourself.

1. Determine the amount of coverage you need.

A traditional homeowners insurance policy has six elements, and the amount of coverage you choose for each form will influence your total premium. The six styles are as follows:

• Dwelling, which pays for damage to your home's main structure.

• Other buildings, which includes detached structures such as sheds and fences.

• Personal property refers to your possessions.

• Additional living costs if you must move temporarily while your home is being fixed.

• Liability if you cause property harm or injuries to another person.

• Medical payments, which cover the cost of care for someone hurt on your property or if you, a family member, or a pet injure someone else.

In most cases, you'll need enough dwelling coverage to cover the costs of fully restoring your house. Several of the others can be measured as a percentage of your dwelling coverage — Other buildings are usually worth 10%, personal property is worth 50% to 70%, and additional living expenses are worth 20%. Liability coverage usually starts at $100,000 and can be expanded depending on the specific requirements. Usually, medical payments coverage has a low ceiling, ranging between $1,000 and $5,000.

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2. Select the premium deductible.

The amount you pay out of pocket on an insured claim before insurance kicks in is known as your insurance premiums. A average homeowners insurance premium is between $500 and $2,000. The higher your deductible, the lower your premium.

3. Consider other factors.

The physical features of your home, such as its age, roof condition, and compliance with current building codes, will all have an impact on the cost of insurance. A swimming pool would almost certainly necessitate additional liability insurance. Similarly, position may be important. Insurers can consider factors such as the level of local fire protection and the home's proximity to the coast.

4. Consider purchasing additional insurance.

Floods and earthquakes are not covered by standard home insurance plans, but separate coverage for these and other home insurance exclusions may be available. If your home is in jeopardy, you can need additional protection.

5. Request a quote

To estimate your homeowners insurance premium, Insurezio.com provides a ZIP-code-based calculator. The hypothetical homeowner is a nonsmoker with good credit who lives in a single-family, two-story home constructed in 1983. The homeowner in the example had a $1,000 deductible and the following coverage limits:

• $300,000 in home insurance.

• $30,000 in coverage for other structures

• Personal property coverage of $150,000 is given.

• $60,000 in coverage for lack of use (additional living expenses).

• Liability coverage of $300,000 is given.